Development

Vision Cos. Buys Land for Ohio Development to Serve Office Park Workers

by Lynn Peisner July 9, 2025

KETTERING, OHIO — Vision Cos. has acquired a 28.5-acre parcel located within the Miami Valley Research Park in Kettering, about eight miles southeast of Dayton, Ohio. On this land, the buyer plans to develop VC Flats, a community with 264 units housed within nine three-story buildings. The property is adjacent to the 36-acre Sixth River Office Park owned by Industrial Commercial Properties. A multifamily development is included in the Sixth River master plan and is meant to provide housing options for the approximately 4,400 employees working within the office park. …

July 9, 2025

Affordable Housing Development Investment Sales News Texas

Fairstead Buys, Plans Remodel of Houston Affordable Housing Community

by Lynn Peisner July 9, 2025

HOUSTON — Fairstead has closed on a $20 million financing package to acquire and renovate Sunflower Terrace, an affordable housing property in Houston. The Houston Housing Finance Corp. (HHFC) also has an ownership stake. R4 Capital was the mortgage lender. Fairstead will lead redevelopment efforts and will serve as the property manager. Sunflower Terrace consists of 160 units under a project-based Section 8 contract. Homes are reserved for low- and very low-income families, with rents capped at 50 percent of area median income (AMI) for half the units and at …

July 9, 2025

Affordable Housing California Development Finance News Western

Mirka Lands KeyBank Loans for Affordable Housing Development in Oceanside, California

by Lynn Peisner July 9, 2025

OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have finalized $74.8 million in loans for Mirka Investment’s El Camino Real Apartments, which are being developed in Oceanside, about 38 miles north of San Diego. CDLI’s and CMG’s loans make up part of the $137.5 million total funding package that will enable the construction of the 111-unit affordable housing community reserved for renters earning between 30 and 80 percent of area median income (AMI). A completion date was not disclosed. CDLI provided a …

July 9, 2025

Development Kansas Leasing & Marketing Midwest News

Ryan Cos., EPC Open Oslo in Overland Park

by Lynn Peisner July 7, 2025

OVERLAND PARK, KAN. — Ryan Cos. and EPC Real Estate Group have opened The Oslo, a four-story, 413-unit property in Overland Park, a suburb of Kansas City. Residents are moving into the first two buildings, which opened in March and May. The remaining buildings are set to open later this year. Developers broke ground in October 2023. Ryan served as the developer, builder and capital markets partner for The Oslo, working in partnership with EPC Real Estate Group on the project. NSPJ Architects led the architectural design. Olsson provided civil …

July 7, 2025

Development New Jersey News Northeast

Partnership Breaks Ground on $400 Million Jersey City Development

by Lynn Peisner July 3, 2025

JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028. In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 …

July 3, 2025

Affordable Housing Colorado Development Finance News Western

JLL Arranges $65.5 Million Construction Loan for Denver Development

by Lynn Peisner July 3, 2025

DENVER — JLL Capital Markets has arranged a $65.5 million construction loan on behalf of Formativ, a locally based investment and development firm that is building 3850 Blake, a 310-unit property in Denver’s River North (RiNo) district. Formativ broke ground on the 16-story affordable-housing property in June and estimates construction will be complete in the third quarter of 2027. Units will be offered as a mix of studios and one-bedroom floor plans and are rent capped for residents earning between 70 and 100 percent of area median income. Amenities include …

July 3, 2025

Affordable Housing Development Massachusetts News Northeast

WinnCos. Breaks Ground on First Phase of Boston Public Housing Redevelopment

by Lynn Peisner July 2, 2025

BOSTON — WinnCos. has broken ground on Phase I of the redevelopment of the Mary Ellen McCormack (MEM) public housing project in Boston. Activity will kick off with the construction of a $62 million building known as Building A. This ground-up construction will provide new homes to the 94 low-income families currently living in the community. WinnCos. says Building A move-ins will occur in fall 2026. Once complete, the revamped 30-acre MEM community will include 3,300 rental homes, effectively tripling the number of units currently available. Along with Building A, …

July 2, 2025

Conference Coverage Development Features Finance Southeast

Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel

by Lynn Peisner July 1, 2025

CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). Those figures are a sharp contrast from the first quarter of 2024 when deliveries (135,652) outstripped absorption (103,826). Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s …

July 1, 2025

Affordable Housing California Development Investment Sales News Western

CGI+ Sells Torrance Development Site to JPI for $40 Million

by Lynn Peisner July 1, 2025

TORRANCE, CALIF. — CGI+ Real Estate Strategies has sold a shovel-ready, 4.9-acre multifamily development site in Torrance to JPI for $40 million. CGI+, a Los Angeles-based multifamily investment firm, acquired the property adjacent to Harbor-UCLA Medical Center at S. Vermont Avenue near 220th Street in 2022. After receiving entitlements for a six-story, 525-unit residential building — with 34 units reserved for households earning less than 30 percent of area median income — CGI+ planned to begin construction in 2023. However, rising interest rates and increases in labor and construction costs …

July 1, 2025

Development Finance New York News Northeast

BPG, LargaVista Secure $388.5 Million Loan, Resume Construction of Long Island City Tower

by Lynn Peisner July 1, 2025

QUEENS, N.Y. — New York and Miami-based real estate developers Baron Property Group (BPG) and LargaVista Cos. have secured a $388.5 million construction loan for 30-25 Queens Boulevard, a 46-story mixed-use high-rise in Long Island City. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing. Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, and Anthony Ledesma, principal and founding partner of real estate advisory firm DIA Capital Group, arranged the loan. Construction, currently underway, on 30-25 Queens Boulevard …

July 1, 2025

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